According to a leading analyst, China’s central bank could own more than 4,300 tonnes of gold, which is double what official reports suggest
China’s new economic model soon bore fruit. Instead of having to sell domestic mine output to raise foreign exchange, the PBoC was buying gold in London from the Dutch central bank in 1992. An article in Dutch Newspaper from March 27, 1993, about a 400 tonnes gold sale from DNB is profoundly informative:
On 29 September Duisenberg [DNB President] sent a letter to Kok [Dutch Minister of Finance] in which he explained that the sale was intended “to equalize our gold holdings relative to other important gold holding nations.” It’s impossible DNB entered the gold market itself because this would immediately leak in the closed world of gold trading. The few remaining Dutch players in the gold market are tiny. In London, there are four major gold traders: Sharps Pixley, Samuel Montague, Mase Westpac and Rothschild. According to John Coley, spokesman of the London Bullion Market Association, it was obvious that DNB would use the BIS as an intermediary.
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